REPORT ON REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

To the Shareholders, President and Directors of

Pampa Energía S.A.

Legal address: Maipú, 1

Autonomous City of Buenos Aires

Tax Code No.: 30-52655265-9

Report on the consolidated condensed interim financial statements

Introduction

We have reviewed the accompanying consolidated condensed interim financial statements of Pampa Energía S.A. and its subsidiaries (hereinafter "the Group"), which comprise the consolidated statement of financial position as of June 30, 2023, the consolidated statements of comprehensive income for the periods of six and three months ended June 30, 2023, of changes in equity and cash flows for the six months ended June 30, 2023, and selected explanatory notes.

Board's responsibility

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE, for its acronym in Spanish) as professional accounting standards and incorporated by the National Securities Commission (CNV, for its acronym in Spanish) to its regulations, as approved by the International Accounting Standards Board (IASB), and therefore is responsible for the preparation and presentation of the consolidated condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

Scope of the review

Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on our review, which was performed in accordance with the International Standards on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the entity, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of consolidated condensed interim Financial Statements consists of inquiries primarily of Company staff responsible for financial and accounting matters, and applying analytical and other review procedures. This review is substantially less in scope than an audit examination conducted in accordance with international standards on auditing and consequently it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the consolidated condensed interim Financial Statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34.

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Report on compliance with current regulations

In accordance with current regulations, we report, in connection with Pampa Energía S.A., that:

a) the consolidated condensed interim financial statements of Pampa Energía S.A. are recorded to the "Inventory and Balance Sheet" book, and complies in what is a matter of our competence, with the provisions of the General Companies Law and in the pertinent resolutions of the National Securities Commission;
b) the individual condensed interim financial statements of Pampa Energía S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations;
c) we have read the Summary of Activity ("Reseña Informativa"), on which, as regards those matters that are within our competence, we have no observations to make;
d) as of June 30, 2023, the debt accrued by Pampa Energía S.A. in favor of the Argentine Integrated Social Security System according to the Company's accounting records and calculations amounted to $ 845.6 millions, none of which was claimable at that date.

Autonomous City of Buenos Aires, August 9, 2023

PRICE WATERHOUSE & CO. S.R.L.

(Partner)

Carlos Martín Barbafina
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GLOSSARY OF TERMS

The following are not technical definitions, but they are helpful for the reader's understanding of some terms used in the notes to the Unaudited Consolidated Condensed Interim Financial Statements of the Company.

Terms Definitions
ADR American Depositary Receipt
AFIP Federal Administration of Public Revenue
BCRA Argentina's Central Bank
BNA Banco de la Nación Argentina
BYMA Bolsas y Mercados Argentinos
CAMMESA Compañía Administradora del Mercado Eléctrico Mayorista S.A.
CB Corporate Bonds
CIESA Compañía de Inversiones de Energía S.A.
CISA Comercializadora e Inversora S.A.
Citelec Compañía Inversora en Transmisión Eléctrica Citelec S.A.
CNV National Securities Commission of Argentina
CSJN Argentina' Supreme Court of Justice
CTB CT Barragán S.A
EAR Effective Annual Rate
EISA Energía Inversora S.A.
ENRE National Regulatory Authority of Electricity
GASA Generación Argentina S.A.
Greenwind Greenwind S.A.
GyP Gas y Petróleo del Neuquén S.A.P.E.M.
HIDISA Hidroeléctrica Diamante S.A.
HINISA Hidroeléctrica Los Nihuiles S.A.
IASB International Accounting Standards Board
MAT Forward Market
MATER Renewable Energy Forward Market
MLC Foreign Exchange Market
MW Megawatt
IAS International Accounting Standards
IFRS International Financial Reporting Standards
NYSE New York Stock Exchange
OCP Ltd Oleoductos de Crudos Pesados Ltd
OCP SA Oleoductos de Crudos Pesados S.A.
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GLOSSARY OF TERMS: (Continuation)

Terms Definitions
PB18 Pampa Bloque 18 S.A. (former Ecuador TLC S.A.)
PEB Pampa Energía Bolivia S.A.
PEN Federal Executive Branch
PEPE II Pampa Energía II Wind Farm
PEPE III Pampa Energía III Wind Farm
PEPE IV Pampa Energía IV Wind Farm
PEPE VI Pampa Energía VI Wind Farm
PISA Pampa Inversiones S.A.
Refinor Refinería del Norte S.A.
SACDE Argentine Society of Construction and Strategic Development
SE Secretary of Energy
TGS Transportadora de Gas del Sur S.A.
TGU Transporte y Servicios de Gas en Uruguay S.A.
TJSM Termoeléctrica José de San Martín S.A.
TMB Termoeléctrica Manuel Belgrano S.A.
The Company / Pampa Pampa Energía S.A.
The Group Pampa Energía S.A. and its subsidiaries
Transba Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.
Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.
US$ U.S. dollar
UTE Unión Transitoria de Empresas
VAR Vientos de Arauco Renovables S.A.U.
YPF YPF S.A.
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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME

For the six and three-month periods ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

Six months Three months
Note 06.30.2023 06.30.2022 06.30.2023 06.30.2022
Revenue 8 194,256 99,523 110,341 55,512
Cost of sales 9 (117,939) (60,896) (67,401) (34,652)
Gross profit 76,317 38,627 42,940 20,860
Selling expenses 10.1 (7,723) (3,721) (4,530) (1,658)
Administrative expenses 10.2 (19,564) (7,326) (11,254) (3,797)
Exploration expenses 10.3 (1,750) (15) (1,702) (7)
Other operating income 10.4 14,289 4,357 9,430 3,057
Other operating expenses 10.4 (7,375) (2,632) (3,530) (964)
Impairment of property, plant and equipment, intangible assets and inventories (323) (4,384) (734) (4,375)
Impairment of financial assets (937) (519) (646) (392)
Share of profit from associates and joint ventures 5.1.3 8,570 6,861 5,370 4,179
Operating income 61,504 31,248 35,344 16,903
Financial income 10.5 428 450 235 204
Financial costs 10.5 (41,078) (8,794) (26,367) (4,599)
Other financial results 10.5 55,461 (4,170) 40,818 (3,881)
Financial results, net 14,811 (12,514) 14,686 (8,276)
Profit before income tax 76,315 18,734 50,030 8,627
Income tax 10.6 (7,087) (29) (7,730) (376)
Profit for the period 69,228 18,705 42,300 8,251
Other comprehensive income
Items that will not be reclassified to profit or loss
Exchange differences on translation 193,260 42,435 116,450 27,064
Items that may be reclassified to profit or loss
Exchange differences on translation 3,874 8,051 1,389 3,650
Other comprehensive income of the period 197,134 50,486 117,839 30,714
Total comprehensive income of the period 266,362 69,191 160,139 38,965
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UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

For the six and three-month periods ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

Six months Three months
Note 06.30.2023 06.30.2022 06.30.2023 06.30.2022
Total income of the period attributable to:
Owners of the Company 69,097 18,469 42,179 8,165
Non-controlling interest 131 236 121 86
69,228 18,705 42,300 8,251
Total comprehensive income of the period attributable to:
Owners of the Company 265,732 68,806 159,749 38,782
Non-controlling interest 630 385 390 183
266,362 69,191 160,139 38,965
Earnings per share attributable to equity holders of the Company
Basic and diluted earnings per share 13.2 50.36 13.37

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION

As of June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

Note 06.30.2023 12.31.2022
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 11.1 585,004 383,464
Intangible assets 11.2 25,252 24,364
Right-of-use assets 1,982 1,521
Deferred tax asset 11.3 8,491 6,326
Investments in associates and joint ventures 5.1.3 240,004 159,833
Financial assets at amortized cost 12.1 25,853 18,000
Financial assets at fair value through profit and loss 12.2 7,053 4,867
Other assets 121 91
Trade and other receivables 12.3 6,660 3,415
Total non-current assets 900,420 601,881
CURRENT ASSETS
Inventories 11.4 47,714 30,724
Financial assets at amortized cost 12.1 3,006 1,357
Financial assets at fair value through profit and loss 12.2 169,968 103,856
Derivative financial instruments 146 161
Trade and other receivables 12.3 116,646 83,328
Cash and cash equivalents 12.4 50,749 18,757
Total current assets 388,229 238,183
Held for sale assets 5.1.1 46,631 -
Total assets 1,335,280 840,064
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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION (Continuation)

As of June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

Note 06.30.2023 12.31.2022
SHAREHOLDERS´ EQUITY
Share capital 13.1 1,360 1,380
Share capital adjustment 7,126 7,231
Share premium 19,950 19,950
Treasury shares 13.1 4 4
Treasury shares adjustment 21 21
Treasury shares cost (211) (2,280)
Legal reserve 11,767 8,137
Voluntary reserve 367,495 171,243
Other reserves (278) (448)
Other comprehensive income 181,684 113,720
Retained earnings 80,447 84,505
Equity attributable to owners of the company 669,365 403,463
Non-controlling interest 1,684 1,157
Total equity 671,049 404,620
LIABILITIES
NON-CURRENT LIABILITIES
Provisions 11.5 38,250 26,062
Income tax and minimum notional income tax provision 11.6 37,356 31,728
Deferred tax liability 11.3 17,596 19,854
Defined benefit plans 8,362 4,908
Borrowings 12.5 333,830 237,437
Trade and other payables 12.6 8,485 3,757
Total non-current liabilities 443,879 323,746
CURRENT LIABILITIES
Provisions 11.5 1,003 779
Income tax liability 11.6 4,493 927
Tax liabilities 7,398 4,966
Defined benefit plans 928 1,021
Salaries and social security payable 5,404 5,627
Derivative financial instruments 133 318
Borrowings 12.5 91,688 48,329
Trade and other payables 12.6 74,368 49,731
Total current liabilities 185,415 111,698
Liabilities associated to held for sale assets 5.1.1 34,937 -
Total liabilities 664,231 435,444
Total liabilities and equity 1,335,280 840,064

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

Attributable to owners
Equity holders of the company Retained earnings
Share capital Share capital adjustment Share premium Treasury shares Treasury shares adjustment Treasury shares cost Legal reserve Voluntary reserve Other reserves Other comprehensive income Retained earnings Subtotal Non-controlling interest Total equity
Balance as of December 31, 2021 1,382 7,245 19,950 4 21 (238) 5,203 54,528 (550) 51,432 44,454 183,431 609 184,040
Constitution of legal and voluntary reserve - - - - - (485) 44,939 - - (44,454) - - -
Capital reduction - - (2) (14) 209 - (193) - - - - - -
Treasury shares acquisition (2) (14) - 2 14 (1,171) - - - - - (1,171) - (1,171)
Stock compensation plans - - - - - - - - (113) - - (113) - (113)
Dividens ditribution - - - - - - - - - - - (25) (25)
Profit for the six-month period - - - - - - - - - - 18,469 18,469 236 18,705
Other comprehensive income for the six-month period - - - - - - 1,034 21,773 - 22,911 4,619 50,337 149 50,486
Balance as of June 30, 2022 1,380 7,231 19,950 4 21 (1,200) 5,752 121,047 (663) 74,343 23,088 250,953 969 251,922
Treasury shares acquisition - - - - - (1,080) - - - - - (1,080) - (1,080)
Stock compensation plans - - - - - - - - 215 - - 215 - 215
Profit (Loss) for the complementary six-month period - - - - - - - - - - 46,390 46,390 (195) 46,195
Other comprehensive income for the complementary six-month period - - - - - - 2,385 50,196 - 39,377 15,027 106,985 383 107,368
Balance as of December 31, 2022 1,380 7,231 19,950 4 21 (2,280) 8,137 171,243 (448) 113,720 84,505 403,463 1,157 404,620
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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format

(In millions of Argentine Pesos ("$"))

Attributable to owners
Equity holders of the company Retained earnings
Share capital Share capital adjustment Share premium Treasury shares Treasury shares adjustment Treasury shares cost Legal reserve Voluntary reserve Other reserves Other comprehensive income Retained earnings Subtotal Non-controlling interest Total equity
Balance as of December 31, 2022 1,380 7,231 19,950 4 21 (2,280) 8,137 171,243 (448) 113,720 84,505 403,463 1,157 404,620
Constitution of legal and voluntary reserve - - - - - - (16) 84,521 - - (84,505) - - -
Capital reduction - - - (20) (105) 2,069 - (1,944) - - - - - -
Treasury shares acquisition (20) (105) - 20 105 - - - - - - - - -
Stock compensation plans - - - - - - - - 170 - - 170 - 170
Dividens ditribution - - - - - - - - - - - - (103) (103)
Profit for the six-month period - - - - - - - - - - 69,097 69,097 131 69,228
Other comprehensive income for the six-month period - - - - - - 3,646 113,675 - 67,964 11,350 196,635 499 197,134
Balance as of June 30, 2023 1,360 7,126 19,950 4 21 (211) 11,767 367,495 (278) 181,684 80,447 669,365 1,684 671,049

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

Note 06.30.2023 06.30.2022
Cash flows from operating activities:
Profit for the period 69,228 18,705
Adjustments to reconcile net profit to cash flows from operating activities: 14.1 17,407 23,759
Changes in operating assets and liabilities 14.2 (11,120) (17,286)
Net cash generated by operating activities 75,515 25,178
Cash flows from investing activities
Payment for property, plant and equipment acquisitions (74,884) (19,645)
Payment for intangibles assets - (3,312)
Collections for sales (Payment for) public securities and shares acquisitions, net 9,212 (6,969)
Recovery of mutual funds, net 1,094 2,125
Payment for the acquisition of associates - (62)
Collection for equity interests in companies sales 1,416 2,842
Collections for property, plant and equipment sales 62 20
Collections for intangible assets sales 1,626 2,060
Dividends received - 523
(Payment) Collection of loans (217) 1,172
Net cash used in investing activities (61,691) (21,246)
Cash flows from financing activities
Proceeds from borrowings 12.5 46,753 3,946
Payment of borrowings 12.5 (3,357) (459)
Payment of borrowings interests 12.5 (29,710) (6,257)
Payment for treasury shares acquisition - (1,171)
Repurchase of corporate bonds 12.5 (1,335) -
Payments of leases (75) (281)
Payments of dividends (139) (30)
Net cash generated by (used in) financing activities 12,137 (4,252)
Increase (Decrease) in cash and cash equivalents 25,961 (320)
Cash and cash equivalents at the beginning of the year 12.4 18,757 11,283
Cash and cash equivalents at the end of the year of held for sale assets (4,908) -
Exchange and conversion difference generated by cash and cash equivalents 10,939 2,209
Increase (Decrease) in cash and cash equivalents 25,961 (320)
Cash and cash equivalents at the end of the period 12.4 50,749 13,172

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM

FINANCIAL STATEMENTS

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 1: GENERAL INFORMATION

General information of the Company

The Company is a fully integrated power company in Argentina, which mainly participates in the electric energy and gas value chains.

In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,432 MW installed capacity as of June 30, 2023, which represents approximately 13% of Argentina's installed capacity, and being one of the four largest independent generators in the country. Additionally, the Company is currently undergoing a process to expand its installed capacity by an additional 140 MW.

In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 11 production areas and 4 exploratory areas reaching a production level of 9.7 million m3/day of natural gas and 5.1 thousand boe/day of oil in Argentina, during the first semester ended June 30, 2023. Its main natural gas production blocks are located in the Provinces of Neuquén and Río Negro.

In the petrochemicals segment, operations are located in Argentina, where the Company operates two high-complexity plants producing styrene, synthetic rubber and polystyrene, with a domestic market share ranging between 94% and 100%.

Finally, through the holding and others segment, the Company participates in the electricity transmission and oil and gas transportation businesses. In the electricity transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 21,697 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for the transportation of natural gas with 9,220 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bahía Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company owns a 30.1% indirect interest in OCP (see Note 5.1.4), licensee company of an oil pipeline in Ecuador that has a transportation capacity of 450 thousand barrels/day. Additionally, the segment includes advisory services provided to related companies.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 2: REGULATORY FRAMEWORK

2.1 Generation
2.1.1 Sales contracts with large users within the MAT
2.1.1.1 Renewable Energy Term Market ("MATER" Regime)

On March 20, 2023, SE Resolution No. 165/23 was passed, which modified the penalty system applicable to MATER and Renovar projects, including projects awarded under the Renovar MiniRen Program, Round 3. Penalties for breaches in the committed supply of energy were incorporated into the system, to be discounted in 12 monthly and consecutive installments as from commercial commissioning, keeping the generator's option to cancel the penalties in 48 monthly and consecutive installments with the application of a 1.7% EAR in U.S. dollars. To avoid affecting the projects' minimum maintenance, a 20% discount cap for the monthly transaction was established for those generators opting into the 48-installment scheme. The balance following the application of this cap will be discounted in the first transaction in which the penalty is below the stated cap; if the number of installments is exceeded, the scheme will be maintained until the penalties' full cancellation and, in case the contract term is exceeded, the payment scheme may be restructured, or the discount cap may be increased to 40% of the transaction.

2.1.1.2 Amendment to the dispatch priority system

SE Resolution No. 360/23 introduced several changes to the effective priority dispatch system. These modifications include the granting of a dispatch priority to renewable generation projects to be sold in the MATER that finance the corresponding transmission expansions and/or renewable energy generation projects with an associated demand larger than 10 MW.

Besides, it established a new referential dispatch priority system in corridors without full availability at every hour of the year. In this way, the dispatch priority will have an injection probability of 92% of the typical annual energy.

Moreover, it establishes that parcially commissioned projects regarding the committed capacity will pay the dispatch priority charge exclusively for the difference between the assigned power capacity and that commissioned, provided the accumulated commissioned capacity is at least 50% of that assigned.

Finally, projects with commissioned power capacity lower than assigned power capacity will lose dispatch priority for uncommissioned power capacity.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 2: (Continuation)

2.1.2 Supply Agreements with CAMMESA

2.1.2.1 Renovar Programs

In line with the scheme set forth by SE Resolution No. 1,260/21 and to address the issue of projects under the different Renovar rounds breaching the committed commercial commissioning dates, on April 25, 2023, the SE passed Resolution No. 284/23 to release the transportation capacity committed under different Renovar Rounds having difficulties with the projects' conclusion. The new scheme authorizes holders of these projects to terminate the Supply Agreement with CAMMESA against the payment of an amount equivalent to US$ 35,000 per MW of the project's power capacity, the waiver of claims against the Federal Government, the SE and/or CAMMESA, an indemnity commitment to realease these authorities against claims by its shareholders or controlling, controlled and/or affiliated companies, and the waiver of granted and unused fiscal benefits. Applications should be presented to CAMMESA within 30 calendar days from the resolution's publication; the above-stated documentation should be completed within 90 calendar days, and agreements opting into the Fund for Renewable Energy Development (Fondo para el Desarrollo de Energía Renovables, "FODER") should be terminated.

2.1.2.2 Remuneration for combined cycles

SE Resolution No. 59/23 dated February 7, 2023 established an opt-in system under which combined cycles' owners could execute an availability and efficiency optimization agreement with CAMMESA. The agreement contemplates an availability commitment for 85% of the net power capacity for a maximum term of 5 years and sets a US$ 2,000/MW-month remuneration for the available power capacity and the dollarization of the energy price based on the fuel used (US$ 3.5/MWh for natural gas and US$ 6.1/MWh for fuel oil and gas oil). Besides, it provides for a 35% and 15% reduction in the remuneration collectible for guaranteed power capacity for generators with availability commitments in the spot market for the summer-winter and autumn-spring periods, respectively.

The Company executed agreements with CAMMESA for its CTLL and Genelba power plants' combined cycles. On the other side, CTB executed an agreement with CAMMESA for its open cycle's gas turbines units. In all cases, agreements are effective from March 1, 2023 to February 29, 2028.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 2: (Continuation)

2.1.2.3 RenMDI Call

Pursuant to SE Resolution No. 609/23, projects submitted under the RenMDI call for tenders were awarded. Under line 1, destined for the substitution of forced generation, 514 MW of power capacity were awarded, distributed among 46 projects, for an average price of US$ 73.1/MWh. Under line 2, destined for the diversification of the energy matrix, 52 projects were awarded for a total 119.57 MW power capacity and an average price of US$ 145.8/MWh. Pampa has not participated in this call.

2.2 Oil and Gas

Natural gas exports

On April 19, 2023, the SE notified the Company of the extension of the Neuquina basin's natural gas export quota for the next winter period, consisting of: (i) an extraordinary and priority quota of 2 million m3/d for the months of May and June 2023, assignable pro rata among the "July Flat Gas Commitment" awardees, and (ii) a firm winter export quota under Plan GasAr for a 3 million m3/d volume for the months of July, August and September 2023.

In this sense, the Company was assigned an additional volume of 872,727 m3/, totaling a 2,181,818 m3/d export quota for the months of May and June. The volume assigned for the months of July, August and September was 857,449 m3/d. Regarding the minimum price for export permits, it will remain at US$ 7.73/MMBTU.

Besides, the following summer export quotas were assigned: 9 million m3/d for the Neuquina Basin and 2 million m3/d for the Austral Basin. The minimum price will result from calculating the simple average Brent oil prices in the first fifteen days of the month prior to delivery, multiplied by 7%. The Company was assigned a 1,452,878 m3/d volume.

2.3 Gas Transportation

TGS's Tariff situation

On March 16, 2023, TGS's Board of Directors approved a proposed addendum to the renegotiation transitionary agreement (the "2023 RTT") sent by ENARGAS. On April 27, 2023, ENARGAS issued Resolution No. 186/23 publishing the new effective tariff schemes. The 2023 RTT was later ratified by PEN Executive Order No. 250/23 dated April 29, 2023.

The 2023 RTT includes, effective from April 29, 2023, a 95% transitionary tariff increase on the natural gas transportation tariff and the access and use charge. While it is in force, TGS may not distribute dividends or directly or indirectly early cancel financial and commercial debts taken on with shareholders, acquire other companies or grant loans, except for loans benefiting users or granted to contractors not covered by the previously indicated cases. If TGS deems it appropriate to act otherwise, it should require the corresponding authorization.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 2: (Continuation)

2.4 Transmission

Transener and Transba's tariff situation

On April 20, 2023, under ENRE Resolution No. 364/23, the ENRE launched the comprehensive tariff review process for electricity transmission companies pursuant to Act No. 24,065 and Act No. 27,541, setting a 30-day term to draw up the guidelines and schedule for its development.

On May 29, 2023, ENRE Resolution No. 421/23 approved the transmission tariff review program for the year 2023 and the first quarter of 2024, providing for the ENRE´s notification of the schedule and information requirements during the months of September and October 2023.

2.5 Regulations on access to the MLC

The main updates introduced by the BCRA on MLC inflow and outflow regulations which were disclosed in the Consolidated Financial Statements as of December 31, 2022, are summarized below.

On April 20, 2023, for the provision of certain services, the BCRA prior authorization was incorporated as requirement to access the MLC before 60 calendar days as from approval of the Argentine Republic's Imports and Foreign Service Payments System ("SIRASE")'s affidavit. This requirement is not applicable in the following cases: (i) payments through a swap and/or arbitrage against a foreign-currency domestic account; (ii) access simultaneously with the settlement of a new foreign financial indebtedness for which the principal matures after the stated term; and (iii) access with funds originated in the financing of service imports granted by a domestic financial entity with a commercial credit line abroad when the total principal of the financing matures after the stated term. On May 11, 2023, the BCRA established that financial entities should verify that the corresponding SIRA affidavit with an "approved" (salida) status has been assigned a term of 0 calendar days to access the MLC before granting access to pay imports of goods with a pending customs entry record (advance and sight payments) and payments of commercial debts without a customs entry record (in accordance with the exceptions set by the regulation).

As regards transactions with stock market assets, the term during which transactions may not be conducted is extended to 180 calendar days for securities issued under foreign law and maintained at 90 days for securities issued under Argentine law, to be submitted in the affidavits to access the MLC. On May 11, 2023, the BCRA broadened the scope of the affidavits for deliveries made as from May 12, 2023 to include legal entities that are part of the same economic group as the affiant (that is, companies sharing a control relationship under the "Large credit risk exposures" regulations).

More information on Argentina's foreign exchange regulations can be found at the BCRA's website: www.bcra.gov.ar.

14

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 3: BASIS OF PREPARATION

These Consolidated Condensed Interim Financial Statements for the six-month period ended June 30, 2023 have been prepared pursuant to the provisions of IAS 34, "Interim Financial Information", are expressed in million pesos and were approved for their issuance by the Company's Board of Directors on August 9, 2023.

The information included in the Consolidated Condensed Interim Financial Statements is recorded in US dollars, which is the Company's functional currency and, in accordance with CNV requirements, is presented in pesos, the legal currency in Argentina.

This consolidated condensed interim financial information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2022, which have been prepared under IFRS.

These Consolidated Condensed Interim Financial Statements for the six-month period ended June 30, 2023 have not been audited. The Company's management estimates they include all the necessary adjustments to state fairly the results of operations for the period. The results for the six-month period ended June 30, 2023, does not necessarily reflect in proportion the Company's results for the complete year.

The accounting policies have been consistently applied to all entities within the Group.

Comparative information

The information as of December 31, 2022, and for the six and three-month periods ended June 30, 2022, disclosed for comparative purposes, arises from the Consolidated Financial Statements as of those dates.

Additionally, certain non-significant reclassifications have been made to those Consolidated Financial Statements´ figures to keep the consistency in the presentation with the figures of the current period.

15

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 4: ACCOUNTING POLICIES

The accounting policies applied in these Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last fiscal year, which ended on December 31, 2022.

New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2023 and adopted by the Company

The Company has applied the following standards and / or amendments for the first time as of January 1, 2023:

- IFRS 17 - "Insurance Contracts" (issued in May 2017 and modified in June 2020 and December 2021).
- IAS 1 - "Presentation of financial statements" (amended in February 2021).
- IAS 8 - "Accounting Policies" (amended in February 2021).
- IAS 12 - "Income Tax" (amended in May 2021).

The application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position of the Company.

NOTE 5: GROUP STRUCTURE

5.1 Interest in subsidiaries, associates and joint ventures
5.1.1 Assets and liabilities available for sale - Agreement for the acquisition of an additional interest in Rincón de Aranda and divestment of stake in Greenwind

On June 23, 2023, the Company executed an agreement with Total Austral S.A. (Argentine branch) to acquire the additional 45% interest in the Rincón de Aranda area, reaching a 100% interest in the block. As part of the agreement, Pampa will assign 100% of its equity stake in Greenwind, which only asset is the Mario Cebreiro Wind Farm.

Rincón de Aranda is a 240 km2 exploration block located in the oil window of the Vaca Muerta formation, in the Province of Neuquén. It currently has a shut-in production well and an uncompleted well, both drilled in 2019; although the block is not currently in production, its proximity to important productive blocks in the Vaca Muerta formation makes it highly promising from a technical standpoint.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

The closing of the transaction is subject to the fulfillment of certain conditions precedent, including, but not limited to, the assignment's approval and the granting of an Unconventional Hydrocarbons Exploitation Concession ("CENCH") over the block in favor of the Company.

On July 26, 2023, the Company entered into a Memorandum of Understanding with the Province of Neuquén agreeing on the CENCH's granting terms. Pursuant to Executive Order No. 1,435/23 dated July 31, 2023, the Province of Neuquén approved the above-mentioned Memorandum of Understanding, the assignment of Total Austral S.A. (Argentine branch)'s interest to the Company and granted the CENCH to the Company. The assignment of rights over the area and the CENCH will become effective at transaction closing.

On the other side, Mario Cebreiro Wind Farm, inaugurated in 2018 with a 100 MW capacity and located in Bahía Blanca, Province of Buenos Aires, was the Company's first wind power project, which was awarded under the Renovar 1 program. It is worth highlighting that, despite the wind farm's assignment, the Company remains committed to renewable energy, which is essential to keep its position as a leading provider of efficient energy and has started the construction of PEPE VI (see Note 18).

Lastly, with the acquisition of the additional interest in Rincón de Aranda, the Company diversifies its presence in the energy sector with a shale oil block having great production potential and reinforces its commitment to the development of unconventional reserves in Vaca Muerta.

Within the described framework and in accordance with IFRS 5, Greenwind's assets and liabilities have been classified as held for sale as of June 30, 2023.

17

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

As of June 30, 2023, held for sale assets and liabilities are as follows:

ACTIVO
ACTIVO NO CORRIENTE
Property, plant and equipment 31,083
Intangible assets 7,582
Other receivables 4
Total non-current assets 38,669
CURRENT ASSETS
Financial assets at fair value through profit and loss 1,668
Trade and other receivables 1,386
Cash and cash equivalents 4,908
Total current assets 7,962
Held for sale assets 46,631
LIABILITIES
NON-CURRENT LIABILITIES
Provisions 241
Income tax provision 1,473
Deferred tax liability 12,234
Borrowings 16,004
Total non-current liabilities 29,952
CURRENT LIABILITIES
Income tax provision 554
Borrowings 4,276
Trade payables 155
Total current liabilities 4,985
Liabilities associated to held for sale assets 34,937
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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

5.1.2 Subsidiaries information
30.06.2023 31.12.2022
Sociedad País de domicilio Actividad principal % de participación directo e indirecto % de participación directo e indirecto
Autotrol Renovable S.A. Argentina Generadora 100.00% 100.00%
GASA Argentina Generadora 100.00% 100.00%
Enecor S.A. Argentina Transporte de electricidad 70.00% 70.00%
Fideicomiso CIESA Argentina Inversora 100.00% 100.00%
Greenwind (1) Argentina Generadora 100.00% 100.00%
HIDISA Argentina Generadora 61.00% 61.00%
HINISA Argentina Generadora 52.04% 52.04%
CISA Argentina Comercializadora e inversora 100.00% 100.00%
PEB Bolivia Inversora 100.00% 100.00%
PB18 Ecuador Petrolera 100.00% 100.00%
Energía Operaciones ENOPSA S.A. Ecuador Petrolera 100.00% 100.00%
Pampa Ecuador Inc Nevis Inversora 100.00% 100.00%
PE Energía Ecuador LTD Gran Cayman Inversora 100.00% 100.00%
EISA Uruguay Inversora 100.00% 100.00%
PISA Uruguay Inversora 100.00% 100.00%
TGU Uruguay Transporte de gas 51.00% 51.00%
Petrolera San Carlos S.A. Venezuela Petrolera 100.00% 100.00%
VAR Argentina Generadora 100.00% 100.00%
Vientos Solutions Argentina S.A.U. Argentina Servicios de asesoramiento 100.00% 100.00%
Vientos Solutions S.L.U. España Inversora 100.00% 100.00%

(1) See Note 5.1.1.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

5.1.3 Associates and joint ventures information

The following table presents the main activity and the financial information used for valuation and percentages of participation in associates and joint ventures:

Información sobre el emisor
Actividad principal Fecha Capital social Resultado del período Patrimonio % de participación directo e indirecto
Asociadas
OCP Ltd Inversora 06.30.2023 25,786 364 25,163 30.06%
TGS (1) Trasporte de gas 06.30.2023 753 19,252 421,909 2.612%
Negocios conjuntos
CIESA (1) Inversora 06.30.2023 639 9,794 215,281 50.00%
Citelec (2) Inversora 06.30.2023 556 4,171 66,857 50.00%
CTB Generadora 06.30.2023 8,558 2,313 140,199 50.00%
(1) The Company holds a direct and indirect interest of 2.612% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS.
As of June 30, 2023, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $ 1,414.60 and US$ 13.78, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 315,943 million.
(2) The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener's capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of June 30, 2023, Transener's common share price listed at the Buenos Aires Stock Exchange was $ 346 conferring Pampa's indirect interest an approximate $ 40,4503 million market value.
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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

The detail of the balances of investments in associates and joint ventures is as follows:

06.30.2023 12.31.2022
Disclosed in non-current assets
Associates
OCP 4,010 2,679
TGS 11,746 11,805
Other 6 3
Total associates 15,762 14,487
Joint ventures
CIESA 120,714 77,043
Citelec 33,428 20,801
CTB 70,100 47,502
Total joint ventures 224,242 145,346
Total associates and joint ventures 240,004 159,833

The following table shows the breakdown of the result from investments in associates and joint ventures:

06.30.2023 06.30.2022
Associates
Refinor - (1,328)
OCP 109 (157)
TGS 594 561
Total associates 703 (924)
Joint ventures
CIESA 4,625 3,672
Citelec 2,086 419
CTB 1,156 3,657
Greenwind - 37
Total joint ventures 7,867 7,785
Total associates and joint ventures 8,570 6,861
21

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

The evolution of investments in associates and joint ventures is as follows:

06.30.2023 06.30.2022
At the beginning of the year 159,833 79,114
Dividends - (854)
Acquisition of equity interests - 62
Sale of equity interests (5,875) -
Held for sale assets - (1,544)
Share of profit 8,570 8,103
Impairment - (1,242)
Exchange differences on translation 77,476 25,528
At the end of the period 240,004 109,167
5.1.4 Investment in OCP

On May 4, 2023, the Company, through its subsidiary PEB, entered into a purchase agreement with Repsol OCP de Ecuador S.A. to acquire 2,979,606,613 additional shares, representing 29.66% of the share capital, of OCP Ltd, which in turn holds the whole share capital and voting rights of OCP SA, for a price of US$ 15 million, adjusted by subtracting the dividends collected by Repsol OCP de Ecuador S.A. between January 1, 2023 and the transaction closing date. The completion of the transaction is subject to the customary precedent conditions, including the applicable governmental approvals.

5.1.5 Investment in CTB

Closing to combined cycle project

On February 22, 2023, CTB stared operations under the supply agreement with CAMMESA. On April 26, 2023, CTB was commissioned to operate with gas oil.

Issuance of CB

The resolutive condition of the guarantees granted by CTB's co-controlling shareholders (Pampa Energía S.A. and YPF S.A.) in favor of holders of outstanding Classes 1, 2, 4, 6, 7 and 8 CB issued by CTB to secure the timely and proper payment of any owed amount, including principal and interest services, was fulfilled with the combined cycle's commissioning on February 22, 2023. Consequently, these guarantees are terminated, ineffective and unenforceable.

On April 3, 2023, CTB issued Class 9 CB for a total amount of US$ 50 million at an annual fixed interest rate of 0% and maturing on April 3, 2026. Class 9 CB were subscribed and paid in cash and in-kind through the delivery of Class 1 CB, consequently, Class 1 CB with a face value of US$ 2.2 million were partially canceled. The remaining outstanding face value of Class 1 CB, amounting to US$ 30 million, was redeemed in full in May 2023.

22

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

As of the date of issuance of these Consolidated Condensed Interim Financial Statements, CTB is in compliance with all the covenants under its debt agreements.

5.2 Oil and gas participations

Continuity plan in the Parva Negra Este block

On December 14, 2022, the Company, ExxonMobil Exploration Argentina S.R.L. and GyP submitted to the Provincial Enforcement Authority a proposal for a contractual continuity plan which included: (i) the granting of a Lot under Evaluation for the April-2022 through April-2025 period, (ii) a 50% reduction of the block's surface, to a total surface of 143 km2, (iii) the assignment of ExxonMobil Exploration Argentina S.R.L.'s 42.50% interest to the Company, and (iv) the commitment to drill and complete 1 horizontal well targeting Vaca Muerta before September 2024.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the parties have executed an addendum to the Joint Venture agreement under the stated terms, and the Provincial Executive Order approving it is pending issuance.

Anticlinal Campamento termination agreement

On January 19, 2023, the Company accepted Oilstone Energía S.A.'s offer to terminate its rights and obligations under the investment agreement, the Joint Venture and the operating agreement of the block, effective from January 1, 2023.

Estación Fernández Oro termination agreement

On March 14, 2023, the Company accepted YPF S.A.'s proposal to terminate, effective as from January 1, 2023, all the Company's rights and obligations in the investment agreement, the Joint Venture and the operating agreement for the Estación Fernández Oro block's exploitation concession.

Las Tacanas Norte Exploration Permit Termination

On January 4, 2023, the Las Tacanas Norte block exploration period terminated, and the Company's rights and obligations over the area expired.

Aguaragüe Concession Extension

On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The agreement includes investment commitments for the execution of 1 well, 2 workovers and 2D seismic reprocessing.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the Provincial Executive Order ratifying this agreement is pending publication.

23

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

Agreement for the acquisition of an additional interest in Rincón de Aranda

On June 23, 2023, the Company executed an agreement with Total Austral S.A. (Argentine branch) to acquire the additional 45% interest in the Rincón de Aranda area. As part of the agreement, the Company will assign 100% of its equity stake in Greenwind, which only asset is the Mario Cebreiro Wind Farm (see Note 5.1.1).

The Company has a 55% participation in the block; therefore, after the closing of the transaction, it will reach a 100% participation in Rincón de Aranda.

Relinquishment of Río Atuel

On July 10, 2023, the Company and Petrolera El Trébol (operating entity) informed the Ministry of Economy and Energy of the Province of Mendoza of their decision to fully relinquish the block classified as a lot under evaluation pursuant to section 81.(b) of Act No. 17,319.

As a result, the Company has written off exploration wells for $ 1,702 million (US$ 6.6 million).

NOTE 6: RISKS

6.1 Critical accounting estimates and judgments

The preparation of these Consolidated Condensed Interim Financial Statements requires the Company's Management to make future estimates and assessments, to apply critical judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, and income and expenses.

Those estimates and judgments are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements.

In the preparation of these Consolidated Condensed Interim Financial Statements, management judgements on applying the Company's accounting policies and sources of information used for the respective estimates are the same as those applied in the Consolidated Financial Statements for the year ended December 31, 2022.

6.2 Financial risk management

The Company's activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity risk.

No significant changes have arisen in risk management policies since last year.

24

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 7: SEGMENT INFORMATION

The Company is a fully integrated power company in Argentina, which participates in the electricity and oil and gas value chains.

Through its own activities, subsidiaries and share holdings in joint ventures and associates, and based on the business nature, customer portfolio and risks involved, the following business segments have been identified:

Electricity Generation, principally consisting of the Company's direct and indirect interests in HINISA, HIDISA, Greenwind (see Note 5.1.1), VAR, CTB, TMB, TJSM and through its own electricity generation activities through thermal plants Güemes, Piedra Buena, Piquirenda, Loma de la Lata, Genelba, Ecoenergía, Pilar, I. White, the Pichi Picún Leufú hydroelectric complex and PEPE II, PEPE III and PEPE IV wind farms. It is worth highlighting that the results of the segment's operations reflect the effects of the consolidation with Greenwind and VAR as from August 12, 2022, and December 16, 2022, respectively.

Oil and Gas, principally consisting of the Company's interests in oil and gas areas and through its direct and indirect interest in CISA.

Petrochemicals, comprising of the Company's own styrenics operations and the catalytic reformer plant operations conducted in local plants.

Holding and Other Business, principally consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries, which hold the concession over the high voltage electricity transmission nationwide and over gas transportation in the south of the country, respectively, interests in the associate OCP, holding activities and other financial investment transactions.

The Company manages its operating segment based on its individual net result in U.S. dollars.

25

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

in million of US$ in million of $
Consolidated profit and loss information for the six-month period ended June 30, 2023 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Consolidated
Revenue - local market 344 175 181 8 - 708 154,309
Revenue - foreign market - 111 76 - - 187 39,947
Intersegment revenue - 55 - - (55) - -
Cost of sales (181) (198) (231) - 55 (555) (117,939)
Gross profit 163 143 26 8 - 340 76,317
Selling expenses (1) (25) (8) - - (34) (7,723)
Administrative expenses (26) (38) (3) (22) - (89) (19,564)
Exploration expenses - (7) - - - (7) (1,750)
Other operating income 35 25 - 1 - 61 14,289
Other operating expenses (14) (13) (1) (7) - (35) (7,375)
(Impairment) Impairment recovery of intangible assets and inventories - - (3) 2 - (1) (323)
Impairment of financial assets - - - (3) - (3) (937)
Share of profit from associates and joint ventures 5 - - 29 - 34 8,570
Operating income 162 85 11 8 - 266 61,504
Financial income 1 1 - 3 (3) 2 428
Financial costs (66) (97) (1) (27) 3 (188) (41,078)
Other financial results 124 25 3 102 - 254 55,461
Financial results, net 59 (71) 2 78 - 68 14,811
Profit before income tax 221 14 13 86 - 334 76,315
Income tax (21) - (2) (6) - (29) (7,087)
Profit (Loss) of the period 200 14 11 80 - 305 69,228
Depreciation and amortization 50 73 3 - - 126 26,881
26

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

in million of US$ in million of $
Consolidated profit and loss information for the six-month period ended June 30, 2023 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Consolidated
Total profit (loos) of the year attributable to:
Owners of the company 200 14 11 80 - 305 69,097
Non-controlling interest - - - - - - 131
Consolidated financial position information as of June 30, 2023
Assets 2,803 1,390 161 992 (145) 5,201 1,335,280
Liabilities 1,057 1,304 147 224 (144) 2,588 664,231
Net book values of property, plant and equipment 1,278 941 25 35 - 2,279 585,004
Additional consolidated information as of June 30, 2023
Increases in property, plant and equipment 146 217 3 3 - 369 79,714
27

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

in million of US$ in million of $
Consolidated profit and loss information for the six-month period ended June 30, 2022 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Consolidated
Revenue - local market 331 161 184 12 - 688 78,708
Revenue - foreign market - 86 100 - - 186 20,815
Intersegment revenue - 55 - - (55) - -
Cost of sales (184) (160) (250) - 54 (540) (60,896)
Gross profit 147 142 34 12 (1) 334 38,627
Selling expenses (1) (24) (8) - - (33) (3,721)
Administrative expenses (19) (28) (2) (14) - (63) (7,326)
Exploration expenses - - - - - - (15)
Other operating income 7 24 - 5 - 36 4,357
Other operating expenses (2) (16) (1) (4) - (23) (2,632)
Impairment of property, plant and equipment, intangible assets and inventories - (29) - (6) - (35) (4,384)
Impairment of financial assets - (1) - (3) - (4) (519)
Share of profit from associates and joint ventures 34 - - 23 - 57 6,861
Operating income 166 68 23 13 (1) 269 31,248
Financial income 1 1 - 6 (3) 5 450
Financial costs (27) (43) (1) (10) 3 (78) (8,794)
Other financial results (42) (5) - 12 - (35) (4,170)
Financial results, net (68) (47) (1) 8 - (108) (12,514)
Profit before income tax 98 21 22 21 (1) 161 18,734
Income tax (17) 27 (3) (1) - 6 (29)
Profit (Loss) of the period 81 48 19 20 (1) 167 18,705
Depreciation and amortization 43 61 2 - - 106 11,910
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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

in million of US$ in million of $
Consolidated profit and loss information for the six-month period ended June 30, 2022 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Consolidated
Total profit (loss) of the period attributable to:
Owners of the company 79 48 19 20 (1) 165 18,469
Non-controlling interest 2 - - - - 2 236
Consolidated financial position information as of December 31, 2022
Assets 2,464 1,234 177 1,029 (162) 4,742 840,064
Liabilities 979 1,248 147 245 (161) 2,458 435,444
Net book values of property, plant and equipment 1,299 807 24 34 - 2,164 383,464
Additional consolidated information as of June 30, 2022
Increases in property, plant and equipment and intangibles assets 30 148 2 31 - 211 24,002
29

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 8: REVENUE

06.30.2023 06.30.2022
Energy sales in Spot Market 22,091 12,287
Energy sales by supply contracts 42,750 19,416
Fuel supply 9,715 5,569
Other sales 157 351
Generation sales subtotal 74,713 37,623
Gas sales 47,145 20,324
Oil sales 14,428 7,151
Other sales 1,037 690
Oil and gas sales subtotal 62,610 28,165
Products from catalytic reforming sales 25,404 12,920
Styrene sales 7,656 5,236
Synthetic rubber sales 8,191 5,880
Polystyrene sales 13,749 8,078
Other sales 245 196
Petrochemicals sales subtotal 55,245 32,310
Technical assistance and administration services sales 1,630 1,404
Other sales 58 21
Holding and others subtotal 1,688 1,425
Total revenue 194,256 99,523
30

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 9: COST OF SALES

06.30.2023 06.30.2022
Inventories at the beginning of the year 30,724 15,888
Plus: Charges of the period
Purchases of inventories, energy and gas 46,426 27,918
Salaries and social security charges 9,218 4,415
Employees benefits 1,742 802
Defined benefit plans 1,149 320
Works contracts, fees and compensation for services 12,023 4,487
Property, plant and equipment depreciation 25,419 11,256
Intangible assets amortization 636 26
Right-of-use assets amortization 79 325
Energy transportation 1,075 421
Transportation and freights 1,893 895
Consumption of materials 2,354 1,578
Penalties 121 20
Maintenance 4,628 3,750
Canons and royalties 10,268 4,798
Environmental control 524 243
Rental and insurance 2,860 1,737
Surveillance and security 549 202
Taxes, rates and contributions 852 260
Other 394 174
Total charges of the period 122,210 63,627
Exchange differences on translation 12,719 2,971
Less: Inventories at the end of the period (47,714) (21,590)
Total cost of sales 117,939 60,896
31

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME

10.1 Selling expenses

06.30.2023 06.30.2022
Salaries and social security charges 532 247
Employees benefits 56 23
Fees and compensation for services 396 223
Property, plant and equipment depreciation 3 2
Taxes, rates and contributions 1,460 700
Transportation and freights 5,154 2,453
Other 122 73
Total selling expenses 7,723 3,721

10.2 Administrative expenses

06.30.2023 06.30.2022
Salaries and social security charges 6,376 2,777
Employees benefits 984 361
Defined benefit plans 2,493 560
Fees and compensation for services 3,302 1,865
Compensation agreements 3,573 547
Directors' and Sindycs' fees 749 344
Property, plant and equipment depreciation 744 301
Consumption of materials 27 14
Maintenance 258 122
Transport and per diem 241 70
Rental and insurance 70 25
Surveillance and security 124 50
Taxes, rates and contributions 212 127
Communications 109 66
Other 302 97
Total administrative expenses 19,564 7,326

10.3 Exploration expenses

06.30.2023 06.30.2022
Geological and geophysical expenses 48 15
Derecognition of unproductive wells 1,702 -
Total exploration expenses 1,750 15
32

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 10: (Continuation)

10.4 Other operating income and expenses

06.30.2023 06.30.2022
Other operating income
Insurance recovery 4 15
Services provided to third parties 75 88
Results for property, plant and equipment sale and derecognition 75 23
Result from intangible assets sale - 252
Contingencies recovery 15 10
Tax charges recovery 12 23
Commercial interests 7,948 895
Contractual indemnity 1,360 -
Argentine Natural Gas Production Promotion Plan 4,349 2,849
Other 451 202
Total other operating income 14,289 4,357
Other operating expenses
Provision for contingencies (522) (131)
Provision for environmental remediation (345) -
Results for property, plant and equipment sale and derecognition (19) -
Tax credits´ impairment (8) (11)
Tax on bank transactions (1,737) (666)
Donations and contributions (271) (137)
Institutional promotion (239) (167)
Costs of concessions agreements completion (1,036) -
Contractual penalty (1,360) -
Readjustment of investment plan - (1,011)
Royalties of Argentine Natural Gas Production Promotion Plan (637) (412)
Other (1,201) (97)
Total other operating expenses (7,375) (2,632)
33

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 10: (Continuation)

10.5 Financial results

06.30.2023 06.30.2022
Financial income
Financial interest 177 37
Other interest 251 413
Total financial income 428 450
Financial costs
Financial interests (1) (33,667) (6,955)
Commercial interests (83) (33)
Fiscal interests (6,055) (1,339)
Other interests (405) (170)
Bank and other financial expenses (868) (297)
Total financial costs (41,078) (8,794)
Other financial results
Foreign currency exchange difference, net 14,057 1,353
Changes in the fair value of financial instruments 42,429 (4,762)
Result from present value measurement (1,030) (767)
Result from repurchase of corporate bonds 72 -
Other financial results (67) 6
Total other financial results 55,461 (4,170)
Total financial results, net 14,811 (12,514)

(1) Net of $ 1,570 million and $ 123 million capitalized in property, plant and equipment for the six-month periods ended June 30, 2023 and 2022, respectively.

34

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 10: (Continuation)

10.6 Income tax

The breakdown of income tax charge is:

06.30.2023 06.30.2022
Current tax 5,302 16,091
Deferred tax 1,336 (13,948)
Difference between previous fiscal year income tax provision and the income tax statement 449 (2,114)
Total income tax - Income 7,087 29

Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the profit before taxes:

06.30.2023 06.30.2022
Profit before income tax 76,315 18,734
Current income tax rate 35% 35%
Income tax at the statutary tax rate 26,710 6,557
Share of profit from companies (3,000) (2,333)
Non-taxable results (1,917) (103)
Effects of exchange differences and other results associated with the valuation of the currency, net 36,309 8,752
Effects of valuation of property, plant and equipment, intangible assets and financial assets (85,437) (27,350)
Difference between previous fiscal year income tax provision and deferred tax and the income tax statement 775 (2,366)
Effect for tax inflation adjustment 31,654 16,455
Non-deductible cost 1,943 412
Other 50 5
Total income tax - Income 7,087 29
35

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: NON-FINANCIAL ASSETS ANF LIABILITIES

11.1 Property, plant and equipment
Original values
Type of good At the beginning Increases (1) Transfers Decreases Held for sales assets Impairment Traslation effect
At the end
Lands 2,333 - - - - - 1,047 3,380
Buildings 25,253 - 390 - (598) - 11,518 36,563
Equipment and machinery 339,671 108 29,219 (129) (33,368) - 158,849 494,350
Wells 175,771 52 26,002 (4,515) - - 82,309 279,619
Mining property 32,077 - - - - - 14,401 46,478
Vehicles 1,365 403 119 (29) - - 742 2,600
Furniture and fixtures and software equipment 10,635 125 199 (2) (37) - 4,842 15,762
Communication equipments 223 - - - - - 99 322
Materials, spare parts and tools 6,304 8,616 (7,544) - - - 3,962 11,338
Petrochemical industrial complex 5,158 - 293 - - - 2,383 7,834
Civil works 557 - 3,896 - (301) - 2,330 6,482
Work in progress 44,316 47,222 (47,069) - (29) - 19,259 63,699
Advances to suppliers 7,718 23,188 (5,505) (2) - - 8,522 33,921
Other goods 78 - - - - - 34 112
Total at 06.30.2023 651,459 79,714 - (4,677) (34,333) - 310,297 1,002,460
Total at 06.30.2022 311,688 20,690 - (23) - (12,469) 70,362 390,248

(1) Includes $ 1,570 million and $123 million of financial costs capitalized in property, plant and equipment for the six-month periods ended June 30, 2023 and 2022, respectively.

36

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

Depreciation Net book values
Type of good At the beginning Decreases Held for sales assets For the period Impairment Traslation effect At the end At the end At 12.31.2022
Lands - - - - - - - 3,380 2,333
Buildings (13,342) - 50 (811) - (6,181) (20,284) 16,279 11,911
Equipment and machinery (113,166) 122 3,151 (13,264) - (56,942) (180,099) 314,251 226,505
Wells (104,372) 1,928 - (10,031) - (48,117) (160,592) 119,027 71,399
Mining property (23,809) - - (704) - (10,835) (35,348) 11,130 8,268
Vehicles (865) 21 - (130) - (403) (1,377) 1,223 500
Furniture and fixtures and software equipment (9,137) 1 10 (503) - (4,174) (13,803) 1,959 1,498
Communication equipments (174) - - (12) - (86) (272) 50 49
Materials, spare parts and tools (257) - - (19) - (119) (395) 10,943 6,047
Petrochemical industrial complex (2,664) - - (536) - (1,307) (4,507) 3,327 2,494
Civil works (135) - 39 (155) - (421) (672) 5,810 422
Work in progress - - - - - - - 63,699 44,316
Advances to suppliers - - - - - - - 33,921 7,718
Other goods (74) - - (1) - (32) (107) 5 4
Total at 06.30.2023 (267,995) 2,072 3,250 (26,166) - (128,617) (417,456) 585,004
Total at 06.30.2022 (141,298) 18 - (11,559) 8,787 (32,255) (176,307) 213,941
Total at 12.31.2022 383,464
37

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.2 Intangible assets

Original values
Type of good At the beginning Increase Decrease Held for sales assets Impairment recovery (Impairment)(1) Traslation effect
At the end
Concession agreements 444 - - - - 199 643
Goodwill 6,131 - - - - 2,753 8,884
Intangible identified in acquisitions of companies 17,835 - - (8,054) - 8,016 17,797
Digital assets 1,172 - (1,626) - 411 43 -
Total at 06.30.2023 25,582 - (1,626) (8,054) 411 11,011 27,324
Total at 06.30.2022 4,530 3,312 (1,808) - (695) 1,120 6,459
Amortization
Type of good At the beginning For the period Held for sales assets Traslation effect
At the end
Concession agreements (418) (9) - (190) (617)
Intangible identified in acquisitions of companies (800) (627) 472 (500) (1,455)
Total at 06.30.2023 (1,218) (636) 472 (690) (2,072)
Total at 06.30.2022 (574) (26) - (127) (727)
Net book values
Type of good At the end At 12.31.2022
Concession agreements 26 26
Goodwill 8,884 6,131
Intangible identified in acquisitions of companies 16,342 17,035
Digital assets - 1,172
Total at 06.30.2023 25,252
Total at 06.30.2022 5,732
Total at 12.31.2022 24,364
(1) The sale of the digital assets at market price resulted in the recognition of an impairment recovery for $ 411 million(US$ 2 million) as of June 30, 2023. As of June 30, 2022, the recoverability of the digital assets was affected by their market value at closing, resulting in the recording of impairment losses for $ 695 million (US$ 6 million).
38

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.3 Deferred tax assets and liabilities

The composition of the deferred tax assets and liabilities is as follows:

06.30.2023 12.31.2022
Tax loss carryforwards 12,147 3,294
Property, plant and equipment 32,912 26,765
Intangible assets 2 2
Trade and other receivables 613 592
Provisions 16,329 10,472
Salaries and social security payable 193 134
Defined benefit plans 2,371 1,356
Trade and other payables 49 40
Other 293 195
Deferred tax asset 64,909 42,850
Property, plant and equipment (8,124) (14,021)
Intangible assets (8,803) (6,209)
Investments in companies (1,332) (1,332)
Inventories (6,092) (3,281)
Financial assets at fair value through profit and loss (5,377) (2,718)
Trade and other receivables (3,757) (3,928)
Tax liabilities (322) (322)
Tax inflation adjustment (40,207) (24,567)
Deferred tax liability (74,014) (56,378)

Deferred tax assets and liabilities are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are associated with the same fiscal authority. Therefore, they are disclosed in the consolidated condensed interim statement of financial position:

06.30.2023 12.31.2022
Deferred tax asset, net 8,491 6,326
Deferred tax liability, net (17,596) (19,854)
39

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.4 Inventories

06.30.2023 12.31.2022
Current
Materials and spare parts 31,030 18,489
Advances to suppliers 821 1,458
In process and finished products 15,863 10,777
Total (1) 47,714 30,724

(1) It includes impairment loss as a result of the performed recoverability assessment for$ 734 million (US$ 3 million), $ 7 million (US$ 0,1 million) and $ 463 million (US$ 2 million) as of June 30, 2023 and 2022 and December 31, 2022.

11.5 Provisions

06.30.2023 12.31.2022
Non-Current
Contingencies 28,070 19,031
Asset retirement obligation and wind turbines decommisioning 5,437 4,453
Environmental remediation 3,707 2,578
Other provisions 1,036 -
Total non-current 38,250 26,062
Current
Contingencies 22 16
Asset retirement obligation and wind turbines decommisioning 518 400
Environmental remediation 453 357
Other provisions 10 6
Total current 1,003 779
40

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

The evolution of provisions is shown below:

06.30.2023
Contingencies Asset retirement obligation and wind turbines decommisioning Environmental remediation
At the beginning of the year 19,047 4,853 2,935
Increases 762 383 161
Decreases (75) - (77)
Exchange differences on translation 8,373 1,926 1,271
Liabilities associated to held for sale assets - (241) -
Reversal of unused amounts (15) (966) (130)
At the end of the period 28,092 5,955 4,160
06.30.2022
Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation
At the beginning of the year 10,887 2,217 1,805
Increases 262 126 31
Decreases (34) (5) (65)
Exchange differences on translation 2,255 500 381
Reversal of unused amounts (9) - -
At the end of the period 13,361 2,838 2,152

11.5.1 Provision for lawsuits and contingencies

Regarding the international arbitration claim filed by the Company against Petrobras International Braspetro B.V. on account of fraudulent representations and omissions associated with certain export transactions under the share purchase agreement executed on May 13, 2016 whereby the Company acquired 67.2% of Petrobras Argentina S.A.'s capital stock, the arbitration award is pending issuance by the Arbitration Court.

41

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.6 Income tax and minimum notional income tax provision

06.30.2023 12.31.2022
Non-current
Income tax, net of witholdings 33,632 28,568
Minimum notional income tax 3,724 3,160
Total non-current 37,356 31,728
Current
Income tax, net of witholdings and advances 4,493 927
Total current 4,493 927

NOTE 12: FINANCIAL ASSETS AND LIABILITIES

12.1 Financial assets at amortized cost
06.30.2023 12.31.2022
Non-current
Term deposit 25,853 17,823
Notes receivable - 177
Total non-current 25,853 18,000
Current
Notes receivable 3,006 1,357
Total current 3,006 1,357
42

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.2 Financial assets at fair value through profit and loss
06.30.2023 12.31.2022
Non-current
Shares 7,053 4,867
Total non-current 7,053 4,867
Current
Government securities 109,631 36,281
Corporate bonds 20,011 33,600
Shares 33,828 28,422
Mutual funds 6,498 5,553
Total current 169,968 103,856
12.3 Trade and other receivables
Note 06.30.2023 12.31.2022
Non-Current
Other 18 12
Trade receivables 18 12
Non-Current
Related parties 16 3,696 3,098
Advances to suppliers 1,102 -
Tax credits 654 285
Prepaid expenses 32 14
Contractual indemnity credit 1,148 -
Other 10 6
Other receivables 6,642 3,403
Total non-current 6,660 3,415
43

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

Note 06.30.2023 12.31.2022
Current
Receivables from MAT sales 5,422 3,689
CAMMESA 41,271 29,315
Receivables from oil and gas sales 26,744 9,788
Receivables from petrochemicals sales 12,286 10,931
Related parties 16 1,026 848
Other 411 496
Impairment of financial assets (1,343) (1,039)
Trade receivables, net 85,817 54,028
Current
Related parties 16 1,771 1,183
Tax credits 2,678 2,555
Receivables for complementary activities 248 57
Prepaid expenses 3,294 2,525
Guarantee deposits 5,249 4,870
Expenses to be recovered 2,981 2,611
Receivables for acquisition of subsidiary 1,709 1,182
Receivables for sale of subsidiary and associates 1,042 719
Receivables for financial instruments sale 1,034 150
Argentine Natural Gas Production Promotion Plan 4,292 5,721
Advances to suppliers 3,363 -
Receivables for arbitration award 1,211 6,621
Contractual indemnity credit 453 -
Other 1,531 1,144
Impairment of other receivables (27) (38)
Other receivables, net 30,829 29,300
Total current 116,646 83,328

Due to the short-term nature of trade and other receivables, its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair values do not significantly differ from book values.

44

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

The movements in the impairment of financial assets are as follows:

06.30.2023 06.30.2022
At the beginning of the year 1,039 963
Impairment 228 115
Reversal of unused amounts (6) (50)
Exchange differences on translation 82 17
At the end of the period 1,343 1,045

The movements in the impairment of other receivables are as follows:

06.30.2023 06.30.2022
At the beginning of the year 38 12
Impairment 6 5
Reversal of unused amounts (24) -
Exchange differences on translation 7 (1)
At the end of the period 27 16
12.4 Cash and cash equivalents
06.30.2023 12.31.2022
Cash 52 28
Banks 4,152 1,958
Mutual funds 46,545 16,771
Total 50,746 18,757
45

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.5 Borrowings
06.30.2023 12.31.2022
Non-Current
Financial borrowings 6,247 19,088
Corporate bonds 327,583 218,349
Total non-current 333,830 237,437
Current
Bank overdrafts 35,612 10,514
Financial borrowings 10,054 8,970
Corporate bonds 46,022 28,845
Total current 91,688 48,329
Total 425,518 285,766

As of June 30, 2023, and December 31, 2022 the fair value of the Company's CB amount approximately to $ 402,370 million and $ 240,194 million, respectively. Such values were calculated on the basis of the determined market price of the Company's CB at the end of each period (fair value level 1).

The carrying amounts of short-term borrowings approximate their fair value due to their short-term maturity.

The long-term borrowings were measured at amortized cost, which does not differ significantly from its fair value.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the Company is in compliance with the covenants provided for in its loan's contracts.

46

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

The evolution of the consolidated loans over the six-month periods ended June 30, 2023 and 2022 is disclosed below.

06.30.2023 06.30.2022
At the beginning of the year 285,766 147,795
Proceeds from borrowings 46,753 3,946
Payment of borrowings (3,357) (459)
Accrued interest 33,664 6,952
Payment of interests (29,710) (6,257)
Repurchase of corporate bonds (1,335) -
Result from repurchase of corporate bonds (72) -
Foreign currency exchange difference (25,345) (878)
Liabilities associated to held for sale assets (20,280) -
Borrowing costs capitalized in property, plant and equipment 1,570 123
Exchange differences on translation 137,864 32,570
At the end of the period 425,518 183,792

12.5.1 Issuance of CB

On January 11, 2023, the Company issued Class 15 CB for $ 10,379 million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on July 11, 2024. Subsequently, on March 6, 2023, the Company reopened Class 13 and Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively.

On May 4, 2023, the Company issued Class 16 CB for US$ 55.7 million accruing interest at a fixed Badlar rate 4.99%, maturing on November 4, 2025, and Class 17 CB for $ 5,980 million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on May 4, 2024. Class 17 CB are the second green bond issued by Pampa, which reflects the commitment to finance projects with a positive impact on the environment and to diversify the country's energy generation matrix. The issue of Class 17 CB was recognised by Fix Ratings, an affiliate of Fitch Ratings, with the rating of Green Bond (BV1), the best possible grade, since it is aligned with the four main components of ICMA's (International Capital Market Association) Green Bond Principles (GBP). It was issued in observance of the "Guidelines for the Issuance of Social, Green and Sustainable Bonds in Argentina" of the CNV Rules and the provisions of BYMA's Social, Green and Sustainable Guide and the BYMA Rules, and also makes up BYMA's Social, Green and Sustainable Bonds Panel. The Company will allocate the issue's proceeds form Class 17 CB to finance the expansion of PEPE VI wind farm.

After the closing of the reporting period, Pampa repaid at maturity the full outstanding amount of Class 8 CB (first Green Bond) for $2,283 million.

47

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.5.2 Redemption of Series T CB

On May 5, 2023, the Company announced the redemption of all Series T CB maturing on July 21, 2023, which outstanding balance amounted to US$ 92.9 million.

The redemption took place on June 8, 2023 at a redemption price equal to 100% of the outstanding capital amount, plus accrued and unpaid interest as of the redemption date, and plus additional amounts under the Series T CB's trust agreement.

12.5.3 Financial loans

During the period ended June 30, 2023, the Company took out short-term bank loans with local financial entities for $ 36,168 million and canceled financing for US$ 9.1 million and import financing, net, for US$ 4.6 million. After the closing of the reporting period, the Company paid import financing, net of borrowings, for US$ 1.6 million and took out short-term bank loans for $ 2,000 million.

48

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.6 Trade and other payables
Note 06.30.2023 12.31.2022
Non-Current
Customer guarantees 6 4
Trade payables 6 4
Compensation agreements 4,705 1,769
Finance leases liability 2,413 1,789
Contractual penalty debt 1,148 -
Other 213 195
Other payables 8,479 3,753
Total non-current 8,485 3,757
Current
Suppliers 59,705 35,109
Customer advances 1,092 644
Related parties 16 4,365 2,506
Trade payables 65,162 38,259
Compensation agreements 1,463 2,085
Liability for acquisition of companies 5,900 8,144
Finance leases liability 453 319
Investment plan readjustment liability 727 807
Contractual penalty debt 420
Other 243 117
Other payables 9,206 11,472
Total current 74,368 49,731

Due to the short-term nature of trade and other payables, its book value is not considered to differ from its fair value. For most other non-current liabilities, fair values do not significantly differ from book values.

49

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.7 Fair value of financial instruments

The following table shows the Company's financial assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022:

As of June 30, 2023 Level 1 Level 2 Level 3 Total
Assets
Financial assets at fair value through
profit and losss
Government securities 109,631 - - 109,631
Corporate bonds 20,011 - - 20,011
Mutual funds 6,498 - - 6,498
Shares 33,828 - 7,053 40,881
Cash and cash equivalents
Mutual funds 46,545 - - 46,545
Derivative financial instruments - 146 - 146
Other receivables
Guarantee deposits on derivative financial instruments 4,249 - - 4,249
Total assets 220,762 146 7,053 227,961
Liabilities
Derivative financial instruments - 133 - 133
Total liabilities - 133 - 133
As of December 31, 2022 Level 1 Level 2 Level 3 Total
Assets
Financial assets at fair value through
profit and losss
Government securities 36,281 - - 36,281
Corporate bonds 33,600 - - 33,600
Mutual funds 5,553 - - 5,553
Shares 28,422 - 4,867 33,289
Cash and cash equivalents
Mutual funds 16,771 - - 16,771
Derivative financial instruments - 161 - 161
Other receivables
Guarantee deposits on derivative financial instruments 3,823 - - 3,823
Total assets 124,450 161 4,867 129,478
Liabilities
Derivative financial instruments - 318 - 318
Total liabilities - 318 - 318
50

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

The techniques used for the measurement of assets and liabilities at fair value through profit and loss, classified as Level 2 and 3, are detailed below:

- Derivative Financial Instruments: calculated from variations between market prices at the closing date of the period, and the amount at the time of the contract.
- Shares: it was determined using the income-based approach through the "Indirect Cash Flow" method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking into consideration the 4.04% and 4.55% equity interest, direct and indirect, in TJSM and TMB, respectively.

NOTE 13: EQUITY COMPONENTS

13.1 Share Capital

On April 26, 2023, the General Ordinary and Extraordinary Shareholders' Meeting resolved to reduce the Company's capital stock through the cancellation of 20 million shares. This reduction was registered with the Public Registry on June 28, 2023.

As of June 30, 2023, the capital stock amounts to $ 1,364 million, including $ 4 million of treasury shares.

The Company is reached by CNV General Resolution No. 941/22, as it has previously adopted a specific accounting policy regarding the foreign-currency translation of financial statements. To comply with the provisions established by this resolution, the breakdown of the translation differences originated in share capital and capital adjustment accounts are detailed below:

06.30.2023
Share capital Share capital adjustment
At the beginning of the year 5,117 26,760
Variation of the period 2,799 14,649
At the end of the period 7,916 41,409
12.31.2022
Share capital Share capital adjustment
At the beginning of the year 2,392 12,503
Variation of the period 2,725 14,257
At the end of the year 5,117 26,760
51

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 13: (Continuation)

13.2 Earning per share

Basic earnings per share are calculated by dividing the result attributable to the Company's equity holders by the weighted average of outstanding common shares during the year. Diluted earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion of all dilutive potential common shares.

Potential common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations.

The calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per share, and where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect is recorded, being the diluted earning per share equal to the basic. As of June 30, 2023 and 2022, the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic earnings per share.

06.30.2023 06.30.2022
Earning for continuing operations attributable to equity holders of the Company 69,097 18,469
Weighted average amount of outstanding shares 1,372 1,381
Basic and diluted earnings per share from continued operations 50.36 13.37
52

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 14: STATEMENT OF CASH FLOWS' COMPLEMENTARY INFORMATION

14.1 Adjustments to reconcilie net profit to cash flows from operating activities
Note 06.30.2023 06.30.2022
Income tax 10.6 7,087 29
Accrued interest 31,957 7,128
Depreciations and amortizations 9, 10.1 and 10.2 26,881 11,910
Share of profit of joint ventures and associates 5.1.3 (8,570) (6,861)
Results for property, plant and equipment sale and derecognition 10.4 (56) (23)
Result for intangible assets sale 10.4 - (252)
Impairment of property, plant and equipment, intangible assets and inventories 323 4,384
Impairment of financial assets 937 519
Result from measurement at present value 10.5 1,030 767
Changes in the fair value of financial instruments (37,712) 4,964
Exchange differences, net (14,827) (1,353)
Result from repurchase of corporate bonds 10.5 (72) -
Readjustment of investment plan 10.4 - 1,011
Costs of concessions agreements completion 10.4 1,036 -
Contractual indemnity 10.4 (1,360) -
Contractual penalty 10.4 1,360 -
Recovery of tax charges 10.4 (4) (12)
Provision for contingecies, net 10.4 498 121
Provision for environmental remediation 10.4 345 -
Accrual of defined benefit plans 9 and 10.2 3,642 880
Compensation agreements 10.2 3,573 547
Derecognition of unproductive wells 10.3 1,702 -
Other (363) -
Adjustments to reconcile net profit to cash flows from operating activities 17,407 23,759
53

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 14: (Continuation)

14.2 Changes in operating assets and liabilities
06.30.2023 06.30.2022
Increase in trade receivables and other receivables (4,187) (18,856)
Increase in inventories (5,005) (2,738)
Increase in trade payables and other payables (1,678) 3,605
Decrease in salaries and social security payables (291) (470)
Decrease in defined benefit plans (280) (201)
Increase in tax liabilities 2,026 1,731
Decrease in provisions (917) (193)
Income tax payment (14) (327)
(Payments) Collections for derivative financial instruments, net (774) 163
Changes in operating assets and liabilities (11,120) (17,286)
14.3 Significant non-cash transactions
06.30.2023 06.30.2022
Acquisition of property, plant and equipment through an increase in trade payables (16,276) (6,176)
Borrowing costs capitalized in property, plant and equipment (1,570) (123)
Receivables for acquisition of subsidiary 1,182 -
Dividends pending collection - 533
Decrease in asset retirement obligation through property, plant and equipment (885) -
Compensation of compensation plans through a decrease in other receivables (148) -

NOTE 15: CONTINGENT LIABILITIES AND ASSETS

The main changes for the six-month period ended June 30, 2023 regarding contingent liabilities disclosed in the Consolidated Financial Statements as of December 31, 2022 are detailed below:

15.1 Labor claim - Compensation Fund

With reference to one of the claims on an alleged plan underfunding due to the elimination of the Company's earnings-based contributions, the Supreme Court of Justice of the Autonomous City of Buenos Aires asked the Chamber of Commercial Appeals to refer back the proceedings, and it later ordered the hearing of the unconstitutionality appeal filed by the Company which had been previously dismissed by said Chamber. In view of the Chamber's dismissal, the file was referred to the CSJN, which will settle the dispute over jurisdiction.

54

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 15: (Continuation)

15.2 Environmental claims
- In the proceeding where Fundación SurfRider Argentina has requested the performance of preliminary proceedings due to alleged indications of environmental damage in the City of Mar del Plata, the partial agreement reached between the plaintiff and a co-defendant was ratified, and the proposal submitted by other two co-defendants is in the trial stage. On the other side, the Company has requested to be severed from the proceeding as it did not own any service station during the claim period, and the Court resolved to take this request into consideration.
- In the proceeding brought by a neighbor of the Province of Salta owning a lot where a joint venture made up of the plaintiffs (the Company and other companies) conducted hydrocarbon activities, the Province of Salta became a co-defendant instead of a third party.
- In the Court file where owners of a lot in the town of Garín, Province of Buenos Aires, seek the performance of preliminary proceedings for alleged indications of damage to the environment in their place of residence, the constructive abandonment of the lawsuit put forward by the Company and the dismissal of the claim by the plaintiff are pending resolution.
- With reference to the complaint brought before the CSJN by Beatriz Mendoza and 16 other plaintiffs on alleged damages resulting from alleged environmental damage, the Company's pecuniary liability would be associated with just two of its assets adjacent to the Matanza-Riachuelo River Basin (one of which is no longer under its operation). Regarding the remaining assets along this basin previously operated by the Company, it has sufficient indemnity granted by the sites' assignee company.

15.3 Civil and Commercial Claims

Regarding the proceeding brought by "Consumidores Financieros Asociación Civil Para Su Defensa" seeking compensation for the depreciation of Petrobras Brasil's share quotation value as a result of the "lava jato operation" and the so-called "Petrolao", the Chamber of Appeals in Commercial Matters rendered judgment dismissing the federal extraordinary appeal brought by this association. Against this decision, the association filed a petition in error, which is under analysis by the CSJN.

The main updates for the six-month period ended June 30, 2023 regarding contingent assets disclosed in the Consolidated Financial Statements as of December 31, 2022 are detailed below:

15.4 Civil and Commercial Claims

Regarding the arbitration proceeding brought by the Company against High Luck Group Limited - Argentine branch as a result of certain breaches to the Participation Assignment Agreement and the Joint Operation Agreement for the Chirete Block entered into on April 1, 2015, the passing of the award and the hearing of new causes of action are still pending.

55

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTA 16: RELATED PARTIES´ BALANCES AND TRANSACTIONS

16.1 Balances with related parties

As of June 30, 2023 Trade receivables Other receivables Trade payables
Current Non Current Current Current
Associates and joint ventures
CTB 3 - - -
TGS 971 3,696 1,595 2,063
Transener 4 - 19 3
Other - - - 14
Other related parties
SACDE 48 - 12 2,285
Other - - 145 -
1,026 3,696 1,771 4,365
As of December 31, 2022 Trade receivables Other receivables Trade payables
Current Non Current Current Current
Associates and joint ventures
CTB 34 - - -
TGS 806 3,098 1,059 1,206
Transener 4 - 12 1
Other - - - 2
Other related parties
SACDE 4 - 12 1,297
Other - - 100 -
848 3,098 1,183 2,506
56

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 16: (Continuation)

16.2 Operations with related parties


Operations for the six-month period

Sales of goods and services (1)
Purchases of goods and services (2) Fees for services (3) Other operating income (expenses), net (4)
2023 2022 2023 2022 2023 2022 2023 2022
Associates and joint ventures
CTB 236 104 - - - - - -
Greenwind - 40 - - - - - -
Refinor - 702 - (903) - - - -
TGS 5,223 2,954 (5,064) (2,889) - - - -
Transener - - (13) (21) - - 43 -
Other related parties
Fundación - - - - - - (223) (102)
SACDE - - (5,820) (5,257) - - 28 8
Salaverri, Dellatorre, Burgio & Wetzler - - - - (74) (32) - -
Other - - (16) - - - - -
5,459 3,800 (10,913) (9,070) (74) (32) (152) (94)
(1) Corresponds mainly to advisory services provided in relation with technical assistance and sales of gas.
(2) Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for $ 5,093 million and $ 3.910 million and infrastructure works contracted to SACDE imputed to property, plant and equipment for $ 5,820 million and $ 5,176 million, of which $ 3,372 million and $ 1,930 million correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the six-month period ended June 30, 2023 and 2022, respectively.
(3) Disclosed within administrative expenses.
(4) Corresponds mainly to donations expenses and operating leases income.

Operations for the six-month period
Financial income (1) Financial expenses (2) Dividends received Payment of dividends
2023 2022 2023 2022 2023 2022 2023 2022
Associates and joint ventures
OCP - - - - - 854 - -
TGS 188 124 - - - - - -
Other related parties
EMESA - - - - - - (139) (25)
Other - - (6) (6) - - - -
188 124 (6) (6) - 854 (139) (25)
(1) Corresponds mainly to financial leases and accrued interest on loans granted.
(2) Corresponds to interest and commissions on loans received.
57

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 17: ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN PESOS (1)

Type Amount in currencies other than pesos Exchange rate (2) Total
06.30.2023
Total
12.31.2022
ASSETS
NON-CURRENT ASSETS
Financial assets at amortized cost US$ 100.7 256.70 25,853 18,000
Other receivables US$ 23.2 256.70 5,950 3,099
Total non-current assets 31,803 21,099
CURRENT ASSETS
Financial assets at fair value through profit and loss US$ 544.8 256.70 139,854 83,477
U$ - - - 1
Financial assets at amortized cost US$ 11.7 256.70 3,006 1,357
Derivative financial instruments US$ 0.6 256.70 146 149
Trade and other receivables US$ 210.0 256.70 53,915 38,960
Cash and cash equivalents US$ 86.7 256.70 22,261 13,602
EUR - - - 1
Total current assets 219,182 137,547
Assets classified as held for sale US$ 11.9 256.70 3,045 -
Total assets 254,030 158,646
LIABILITIES
NON-CURRENT LIABILITIES
Provisions US$ 142.6 256.70 36,595 25,492
Borrowings US$ 1,229.3 256.70 315,568 215,786
Other payables US$ 32.3 256.70 8,286 3,572
Total non-current liabilities 360,449 244,850
CURRENT LIABILITIES
Provisions US$ 3.9 256.70 993 741
Tax liabilities US$ 0.04 256.70 11 6
Salaries and social security payable US$ 0.1 256.70 25 16
Derivative financial instruments US$ 0.51 256.70 131 318
Borrowings US$ 63.0 256.70 16,167 31,180
Trade and other payables US$ 198.7 256.70 51,004 35,461
EUR 3.8 280.59 1,072 548
CNY 12.0 35.39 423 -
U$ 0.12 6.86 1 -
Total current liabilities 69,827 68,270
Liabilities associated to assets classified as held for sale US$ 80.1 256.70 20,569 -
Total liabilities 450,845 313,120
Net Position Liability (196,815) (154,474)
(1) Information presented to comply with CNV Rules.
(2) Exchange rate in force on June 30, 2023 according to the BNA for U.S. dollars (US$), Euros (EUR), Yuans R. China (CNY) and Uruguayan pesos (U$).
58

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTA 18: INVESTMENT COMMITMENTS

New generation projects

PEPE IV

In early 2022, works started for the expansion of PEPE III, inaugurated in 2019, which production is targeted at the large users' segment.

The project mainly consisted of the (staged) mounting and installation of 18 additional wind turbines with an 81 MW capacity. The expansion's commissioning started on December 29, 2022, with the first 4 wind turbines, and ended on June 17, 2023, with the project's last 3 wind turbines.

After completing the expansion works, PEPE III and PEPE IV jointly have 32 wind turbines with a 134.2 MW installed capacity.

PEPE VI

In February 2023, the Company started constructing Pampa Energía VI Wind Farm in Bahía Blanca, Province of Buenos Aires. The project will enable the installation of a 300 MW power capacity, in 3 stages, with an estimated US$ 500 million investment.

Stage 1 comprises the mounting and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation and a 500 KV line allowing for a 94.5 MW capacity addition, with an investment for US$ 186 million, expected to be operative during the third quarter of 2024.

Stage 2 comprises the mounting and installation of 10 Vestas wind turbines allowing for a 45 MW capacity addition, with an investment for US$ 89 million, expected to be operative during the fourth quarter of 2024.

The energy produced by this wind park allows for reduced carbon emissions and will be sold through the MATER to supply large companies in the country in compliance with the Renewable Energy Law.

59

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 19: TERMINATION OF HYDROELECTRIC CONCESSIONS

SE Resolution No. 486/23 modified the terms for the Concessioned Hydroelectric Exploitations Team (ETAHC) to submit reports on the status of hydroelectric concessions. In the case of HINISA and HIDISA, the ETAHC's deadline to submit the reports will be December 1, 2023 and April 19, 2024, respectively.

Later, SE Resolution No. 574/23 resolved to implement the provisions of the concession agreements, providing that the current Alicurá, El Chocón Arroyito, Cerros Colorados and Piedra del Águila's concessionaires should continue in charge of their operation and maintenance upon the termination of the concession for a 60-day term (extendable for other 60 days). ENARSA was appointed as observer, with broad powers during the transition term and the provinces of Neuquén and Río Negro were invited to appoint a representative to act jointly with the representative to be appointed by the National Ministry of Economy ("MECON") to assist ENARSA during that period.

NOTE 20: DOCUMENTATION SAFEKEEPING

On August 14, 2014, the CNV issued General Resolution No. 629/14, which introduced modifications to the provisions applicable to the keeping and conservation of corporate and accounting books and commercial documentation. To such effect, the Company have sent non-sensitive work papers and information corresponding to the periods not covered by the statute of limitations for their keeping in the AdeA - Administración de Archivos S.A.'s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina S.A.'s data warehouses located at the following addresses:

- Azara 1245 - C.A.B.A.
- Don Pedro de Mendoza 2163 -C.A.B.A.
- Amancio Alcorta 2482 C.A.B.A.
- San Miguel de Tucumán 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos Aires.

A list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory provisions and amending rules), is available at the Company headquarters.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 21: SUBSEQUENT EVENTS

Incident at Central Térmica Loma de la Lata (CTLL)

On July 20, 2023, an incident occurred at CTLL's GT05, resulting in damage to the unit's turbine. As a result of the incident, the power generation capacity was reduced by approximately 105 MW.

The Company and General Electric, the turbine's manufacturer, are evaluating the necessary works to repair the failure.

Moreover, the Company is making all necessary filings before the insurance companies to minimize economic losses resulting from the breach of the associated availability commitments.

Tax for an Inclusive and Caring Argentina (Impuesto Para una Argentina Inclusiva y Solidaria, "PAIS") for import and foreign service procurement transactions

PEN Executive Order No. 377/23, dated July 24, 2023, extends the application of the PAIS tax to import transactions for certain goods, exempting goods associated with power generation -which scope has not been regulated- and the procurement of foreign services. Moreover, its regulation under AFIP Resolution No. 5,393/23, dated July 25, 2023, provided for an advance payment to be set off against the PAIS tax equivalent to 95% of the total final tax payable for certain goods and merchandise. This advance payment should be paid by the importer when declaring the import's destination. The PAIS tax's remaining 5% balance should be paid when accessing the MLC to make the payment abroad, where the intervening bank will act as a collection and settlement agent.

"TerCONF" call for tenders

On July 27, 2023, SE Resolution No. 621/23 launched the "TerCONF" call for the execution of reliable thermal generation supply agreements with CAMMESA allowing to incorporate new thermal supply and ensure the WEM's reliability and sustainability through: (i) supply to the SADI, and (ii) the substitution and modernization of Tierra del Fuego's power generation grid.

61

Free translation from the original prepared in Spanish for publication in Argentina

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2023, presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 21: (Continuation)

Regarding thermal generation for SADI's reliability and supply:

(i) The call will consider any generation or co-generation technology, including associated transmission and/or fuels infrastructure works, to add reliable power capacity by installing new equipment or equipment with less than 15,000 hours of verified use;
(ii) Between 2,250 MW and 3,000 MW are expected to be awarded;
(iii) Agreements will not provide for fuel management responsibility, and a variable operation and maintenance remuneration is established based on the energy per fuel type;
(iv) The agreement's price will contemplate the payment of the hired power capacity in US$/MW-month and the payment of the supplied energy;
(v) Projects should identify the point of delivery and the technical connection agreement with the transmission company;
(vi) A supply maintenance guarantee and a payment scheme from the project's award to the contract execution date are established as a type of performance bond; and
(vii) The deadline for submitting tenders is August 31, 2023.

Commencement of operations at Néstor Kirchner Gas Pipeline

On July 9, 2023, operations started at Néstor Kirchner Gas Pipeline's Tratayén - Salliqueló tranche, crossing the provinces of Neuquén, Río Negro, La Pampa and Buenos Aires, with a 573 km extension and an initial transportation capacity of 11 million m3/day of gas produced at the Vaca Muerta field.

62

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Pampa Energia SA published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 20:49:01 UTC.